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z. <br />RECEIVED <br />WATER LEASE AGREEMENT AUG 2 0 2009 <br />STATE RC E <br />1. Parties. The parties to this Agreement are Farfrumwurkin, LLLP (hereinafte°r`O <br />referred to as "LESSEE"), and the City of Lafayette, Colorado, acting by and through its Water <br />Fund Enterprise, (hereinafter referred to as "LAFAYETTE"). <br />2. Recitals and Purpose. Lessee owns and operates a sand and gravel mine in Weld <br />County that is located in Sections 31 and 32, Township 2 North, Range 68 West of the 6th P.M. <br />Lessee requires water to augment and replace stream depletions associated with sand and gravel <br />mining operations and the exposure of ground water. Lafayette has determined that in return for <br />the monetary compensation described herein, Lafayette is willing to lease to Lessee, water that <br />Lafayette has the legal right to reuse and successively use to extinction for use by Lessee in a <br />substitute water supply plan. <br />3. Agreement to Lease. In consideration of the covenants and agreements set forth <br />herein, Lafayette hereby agrees to lease water to Lessee pursuant to the following terms and <br />conditions: <br />(a) Water Subject to Lease. Lafayette shall deliver to Coal Creek at a location in the <br />S '/2 SE %4 of Section 36, Township 1 North, Range 69 West, 6th P.M., Boulder <br />County, Colorado, a total of 22.28 acre feet of water between August 1, 2009 and <br />July 31, 2010. The delivery of water shall be in accordance with the following <br />monthly distribution, unless otherwise agreed upon by the parties in writing: <br />August 2009 -1.85 acre feet; September 2009 -1.94 acre feet; October 2009 - <br />2.00 acre feet; November 2009 - 2.01 acre feet; December 2009 - 2.00 acre feet; <br />January 2010 - 1.93 acre feet; February 2010 -1.86 acre feet; March 2010 -1.78 <br />acre feet; April 2010 -1.72 acre feet; May 2010 - 1.71 acre feet; June, 2010 - <br />1.72 acre feet; and July 2010 - 1.76 acre feet.. The water provided to Lessee shall <br />be reclaimable return flows available to Lafayette; provided, however, that <br />Lafayette reserves the right to substitute other fully consumable water available to <br />Lafayette at its sole discretion as long as the point of delivery of such substitute <br />water is within six stream miles from the confluence of Coal Creek and Boulder <br />Creek. <br />(b) Term. The term of this Water Lease Agreement shall commence on August 1, <br />2009 and continue through July 31, 2010. <br />(c) Price. In return for Lafayette delivering water as set forth herein, Lessee shall pay <br />Lafayette the sum of TWO THOUSAND FIVE HUNDRED EIGHTY THREE <br />AND 50/100 DOLLARS ($2,583.50) for the 22.28 acre feet of water above <br />described. In addition, Lessee shall pay Lafayette an administrative fee of SIX <br />HUNDRED FIFTY AND 00/100 DOLLARS ($650.00), for the preparation of this <br />Agreement and water accounting activities. The entire THREE THOUSAND <br />TWO HUNDRED THIRTY-THREE AND 50/100 DOLLARS ($3,233.50), shall <br />be paid by Lessee at the time this Agreement is executed by both parties. Failure <br />to complete the required payment will result in the automatic cancellation of this